Disclosed herein are techniques for pre-processing a multiple-channel image for compression. The multiple-channel image can be composed of a collection of pixels that are represented using a floating-point format (e.g., half-precision/16-bit) for display on devices optimized for wide-gamut color space. The techniques can include a first step of quantizing the pixels into a fixed range of values, and applying invertible color-space transformations to the sub-pixels of each pixel—which can include red, green, blue, and alpha sub-pixels—to produce transformed sub-pixels including luma and chroma values. Next, the luma sub-pixels are placed into a luma data stream, the first and second chroma values are placed into a chroma data stream, and the alpha sub-pixels are placed into an alpha data stream. Predictive functions are then applied to the luma and chroma data streams. Finally, the various streams are separated into buffers and compressed to produce a multiple-channel image.